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Saving/Applying for a mortgage 2015/16/17/18/19

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Comments

  • Registered Users Posts: 583 ✭✭✭dutopia


    Expect stupidly long wait times on furniture. Beds, kitchen tables, coffee tables, couches etc can all take months. I've seen/heard anything from 3-7 months for furniture to arrive..

    It's s tricky balance, you can't order early as you'd have nowhere to put it and also your ideas may change when you move in. Luckily we timed our stuff pretty well and got it all within about 2 weeks of moving in, except for our sofas which took 3 weeks - but DFS gave us loan sofas.


  • Closed Accounts Posts: 4,935 ✭✭✭TallGlass


    You're restricted maximum borrow amount of 3.5x your annual salary at present. (84k)

    If you want more, best going in at the start of next year and trying to be one bank's electives to be exempted from the Central Bank rules.

    84k + 20k is 104k. Theres nothing even on daft for property at that price? I don't expect a pay rise either that would boost my figures. And I can't afford to move out and rent. In Dublin, would relocate to Meath but again nothing around 84k. And these prices are not dropping as anticipated as there are alot of cash buyers.


  • Registered Users Posts: 5,175 ✭✭✭angeldelight


    Feels like we're never going to get there - we've 12k saved, got gift of 5k, paying 1100 per month rent and saving 1000 per month (500 to house account). But we're looking in Maynooth, will need a lot more!


  • Registered Users Posts: 562 ✭✭✭Flatzie_poo


    TallGlass wrote: »
    84k + 20k is 104k. Theres nothing even on daft for property at that price? I don't expect a pay rise either that would boost my figures. And I can't afford to move out and rent. In Dublin, would relocate to Meath but again nothing around 84k. And these prices are not dropping as anticipated as there are alot of cash buyers.

    Rent for the time being. Wherever you can afford.

    Deposit your savings in an account getting a good interest rate, maybe you'll meet someone in time you can venture with in an application.

    It's a huge decision, best not to rush!

    They may lax the CB's restriction, but it's pure speculation at the min!

    Best of luck whatever you do.


  • Registered Users Posts: 1,239 ✭✭✭lima


    What? It's total sq feet/meters you go off...

    Huh?? Yes, and you said houses are twice as big as apartments as they have two floors. I'm being sarcastic (but it's true) when I say that apartments can be wider than houses. Why can't you have the same area in a wide, single floor apartment compared to a duplex house? Or have I missed the point?

    You lose out on floor space & private garden front & back in most cases. Add on annual mgt fee & car parking fees.
    Perhaps, but you may have paid 150-200k less than a house
    You also lose out on freedom. Your mgt co. may not allow satellite dishes for Sky for example... and you may have to clear renovations are ok with them...
    I have Sky and UPC cabled in by the management company, and I don't have to give notice to renovate unless I am knocking down walls (Which I wouldn't need to)
    Agreed
    A bonus, but not a requirement
    There's affordable houses close to the city.
    Not in desirable areas
    On top of all this, take into account issues that may arise - such as what's happening in Dublin in Longboat Quay apartments. Residents are stuck with at least a €2,000,000 bill at present.

    With a good solicitor and Surveyor, you'd have to be really unlucky to be caught up in an issue such as this


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  • Registered Users Posts: 2,655 ✭✭✭draiochtanois


    This post has been deleted.


  • Registered Users Posts: 1,239 ✭✭✭lima


    This post has been deleted.

    They can make relevant assessments and judgements and it would be up to you to proceed, taking into account your risk level. If something warrants investigation, then run


  • Closed Accounts Posts: 4,935 ✭✭✭TallGlass


    Rent for the time being. Wherever you can afford.

    Deposit your savings in an account getting a good interest rate, maybe you'll meet someone in time you can venture with in an application.

    It's a huge decision, best not to rush!

    They may lax the CB's restriction, but it's pure speculation at the min!

    Best of luck whatever you do.

    I'll be honest. I am 25 and my old rush is my alcoholic father at home. I can't stand to be in the house and my wages won't support 1k rent and living expensis and I couldn't hand over 700/800 for a 'studio'. I'm looking at out around the Meath Dublin border. I have 5k saved already. GF wants to rent first and move to somewhere in Dublin but with the rules I can't see us getting anywhere in Dublin. I don't blame then for bringing it in. But they said house prices would drop, which I don't think they have.

    I don't want to push my GF to move out cause of my circumstances so I rather go it alone on a place for say 80/90k over 10years and use it as an investment and when the time comes try come back to Dublin. But seems impossible. Both renting and mortgage wise. 24k full time job, might as well be minimum wage, useless. Going thru college at the moment in the hope of after 4 years landing a 35/40k job. All while I am doing this my father's drinking is getting worse.


  • Registered Users Posts: 6,784 ✭✭✭Alkers


    If you want to save while renting you pretty much will have to look at a house share. Have you any other friends or colleagues looking to move out? Otherwise look to rent a room in a house but its a bit more difficult as a couple. If you're looking in Dublin you will NEED to have two people contributing to the mortgage to get anywhere, especially if you're at the beginning of your careers.


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    TallGlass wrote:
    get if on 24k
    TallGlass wrote:
    What type of mortgage could one expect to get if on 24k a year and with say 16k savings?
    It's 3.5 times your gross wage you'd be looking at €84000 I think you'd def get approval for anything under €100000.


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  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    houses
    We are buying in the Kanturk area (deposit paid), plenty of houses for sale and prices are very good too. Best of luck
    thanks yeah some nice houses there too. Mallow has some good houses too. Best of luck with the new house :)


  • Registered Users Posts: 562 ✭✭✭Flatzie_poo


    lima wrote: »
    Huh?? Yes, and you said houses are twice as big as apartments as they have two floors. I'm being sarcastic (but it's true) when I say that apartments can be wider than houses. Why can't you have the same area in a wide, single floor apartment compared to a duplex house? Or have I missed the point?

    You missed the point. Apartments can be wider. Yes. But when you're judging the size of a property you go off total sq feet/meters.


    lima wrote: »
    Perhaps, but you may have paid 150-200k less than a house

    That's just incorrect. Unless you're apartment is a complete dive.

    lima wrote: »
    I have Sky and UPC cabled in by the management company, and I don't have to give notice to renovate unless I am knocking down walls (Which I wouldn't need to)

    Just because that's applicable in your complex, does not mean it's applicable in all other apartment complexes. A lot of complexes don;t allow satellites. Hence my point.

    lima wrote: »
    A bonus, but not a requirement

    A huge bonus.

    lima wrote: »
    Not in desirable areas

    How desirable and area is is subjective. Giving you a little leeway on this, Stoneybatter & Fairview are quite desirable to most people. Most prices there are not extortionate.


    lima wrote: »
    With a good solicitor and Surveyor, you'd have to be really unlucky to be caught up in an issue such as this

    Even the best sometimes miss the obvious.


  • Registered Users Posts: 455 ✭✭Jen44


    Sounds like your doing well. Just try not take anything from your savings between now and then. Keep the amount your saving around what you expect your monthly mortgage payments to be. They generally expect to see at least six months evidence that you will be able to make the payments. In fact they usually calculate a stressed payment in case mortgage interest rates were to go up so make sure your savings match that. The quote someone else gave you regarding the solicitor is about right you usually end up paying around 2000-2500 plus stamp duty. Make sure you dont change job between now and then permanent employment is essential, they are not interested in contract work usually. And my only other advise would be to go into the banks and talk to them, dont rely on online calculators etc. Some banks are willing to work with you in relation to some aspects of your application. Now is the hard part just keep your head down and save as much as you can.


  • Closed Accounts Posts: 18,969 ✭✭✭✭syklops


    I would say it's rare to wait so long, I haven't seen people I know furnishing houses wait more than a few weeks for stuff they bought.

    Yeah, all bought on the credit card, which is why we have such high levels of credit card debt in this country.

    You've got 20 years to get the house fully kitted out. Whats the hurry. As another poster said, get your basics in, bed, kitchen table etc. and add to it when you can afford to.


  • Registered Users Posts: 1,239 ✭✭✭lima


    You missed the point. Apartments can be wider. Yes. But when you're judging the size of a property you go off total sq feet/meters.
    The total measurements of the floorspace, yes? Or have I missed something? Are you counting something other than usable floorspace to measure the size of a property?
    Please explain this, and how the total (usable) floorspace of a two story house differs with the total floorspace of an apartment that contains as much floor as the floor in a two story house.


    That's just incorrect. Unless you're apartment is a complete dive.
    Lol is it so, I bought a high-quality apartment in a decent north side area recently and it is significantly cheaper than an equivalent house. I will go back to it after work and enjoy it knowing that a house would have cost me significantly more :D

    Just because that's applicable in your complex, does not mean it's applicable in all other apartment complexes. A lot of complexes don;t allow satellites. Hence my point.
    Well I have given you an example, so it is applicable in my apartment. You have not given an example, therefore as of right now I have proven that it is applicable in 100% of apartment complexes. How do you measure 'a lot'? If it's applicable in my apartment complex, it doesn't mean it's not applicable in other apartment complexes.

    A huge bonus.
    I don't miss a garden.

    How desirable and area is is subjective. Giving you a little leeway on this, Stoneybatter & Fairview are quite desirable to most people. Most prices there are not extortionate.
    Lol, leeway. Well done.
    How do you know they are desirable to most people? Pretty subjective isn't it?
    I grew up neat Fairview and it's a sh*thole. Stoneybatter is close to bad areas and is only desirable to some because it's relatively cheap.

    Nonetheless, houses in these areas are significantly more expensive than my apartment:
    http://myhome.ie/residential/dublin-3/house-for-sale-in-fairview?minbeds=2&maxbeds=3
    http://myhome.ie/residential/dublin-7/house-for-sale-in-stoneybatter?minbeds=2&maxbeds=3



    Even the best sometimes miss the obvious.
    That is equally the same for houses. There's risk there too.


  • Registered Users Posts: 562 ✭✭✭Flatzie_poo


    lima wrote: »

    €195k is a lot more expensive than your apartment?

    I'm banging my head against a brick wall with you.

    The total floor space is what I said you measure the size or a house or apartment with. You then come back saying along the lines of "take into account an apartment is wider."

    do you not understand that that's already taken into account in total floor space?


  • Moderators Posts: 12,352 ✭✭✭✭Black_Knight


    Id suggest taking it to PMs. Apartment vs House has nothing to do with the OP.


  • Moderators, Society & Culture Moderators Posts: 13,381 Mod ✭✭✭✭Paulw


    Mod Note: Please stick to the topic, and enough of the back and forth about the rest.


  • Posts: 0 Cash Spicy Banana


    syklops wrote: »
    Yeah, all bought on the credit card, which is why we have such high levels of credit card debt in this country.

    You've got 20 years to get the house fully kitted out. Whats the hurry. As another poster said, get your basics in, bed, kitchen table etc. and add to it when you can afford to.

    No the friends of mine I'm referring to are building their houses rather than buying so part of the mortgage is set aside for fully furnishing the main rooms in the houses, no maxing out credit cards.


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    Jen44 wrote:
    Sounds like your doing well. Just try not take anything from your savings between now and then. Keep the amount your saving around what you expect your monthly mortgage payments to be. They generally expect to see at least six months evidence that you will be able to make the payments. In fact they usually calculate a stressed payment in case mortgage interest rates were to go up so make sure your savings match that. The quote someone else gave you regarding the solicitor is about right you usually end up paying around 2000-2500 plus stamp duty. Make sure you dont change job between now and then permanent employment is essential, they are not interested in contract work usually. And my only other advise would be to go into the banks and talk to them, dont rely on online calculators etc. Some banks are willing to work with you in relation to some aspects of your application. Now is the hard part just keep your head down and save as much as you can.
    yeah we won't be touching any of he savings. We are saving €1000 a month so out mortgage repayments would be less as we are constrained by the new rules. Got a stress test and said we'd be able to afford between €130000 to €140000 mortgage even with herself a car loan


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  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    An update, I found that Bank of Ireland changed their tune very quickly when I said ebs had given me a far better quote for a mortgage then they did a few months back and practicality matched what ebs had said. It's funny how that happened. I wonder how all this works in the end


  • Registered Users Posts: 117 ✭✭MrMaki


    I would say it's rare to wait so long, I haven't seen people I know furnishing houses wait more than a few weeks for stuff they bought.

    Whats wrong with furniture from Ikea if somebody must save for long time to afford deposit for not too expensive house?


  • Registered Users Posts: 951 ✭✭✭Greyian


    No the friends of mine I'm referring to are building their houses rather than buying so part of the mortgage is set aside for fully furnishing the main rooms in the houses, no maxing out credit cards.

    So they're buying furniture with mortgage debt as opposed to credit card debt. That's still not very financially savvy.


  • Moderators Posts: 12,352 ✭✭✭✭Black_Knight


    Greyian wrote: »
    So they're buying furniture with mortgage debt as opposed to credit card debt. That's still not very financially savvy.

    How so? A mortgage APR is a whole lot less than a credit card.


  • Posts: 0 Cash Spicy Banana


    Greyian wrote: »
    So they're buying furniture with mortgage debt as opposed to credit card debt. That's still not very financially savvy.

    Furnishing a self build is part of building it of course you use some of the mortgage to pay for it. A mortgage is also the cheapest money you can get, credit card interest is many multiples of it.


  • Users Awaiting Email Confirmation Posts: 5,620 ✭✭✭El_Dangeroso


    Furnishing a self build is part of building it of course you use some of the mortgage to pay for it. A mortgage is also the cheapest money you can get, credit card interest is many multiples of it.

    No, money you saved yourself is the cheapest money you can get. The APR on mortgages is low but it's spread over so many years that you repay over twice the principal.

    No one 'needs' a fully furnished house straight away. Start with the bare necessities and build it from there.


  • Registered Users Posts: 951 ✭✭✭Greyian


    How so? A mortgage APR is a whole lot less than a credit card.

    You also pay it off over a much longer time.

    If you take out a mortgage of €200,000 over 30 years at 4%, that's a monthly repayment of €954.83.

    If you take out a mortgage of €210,000 (so €10,000 for furniture) over 30 years at 4%, that's a monthly repayment of €1,002.57.

    That's a difference of €47.74 per month, which comes to €17,186.40 over the course of the 30 years.

    So you're paying more than €7,000 extra, because of impatience. Before the Celtic Tiger, it wasn't unusual to move into a house with minimal furniture and then pick stuff up over the months and years after moving in.


  • Moderators Posts: 12,352 ✭✭✭✭Black_Knight


    Or just pay a lump off of your mortgage when you get some cash together after furnishing. ie. Pay off your "furnishing loan" in year 1.

    It wouldn't be my first choice anyways. Hence going to Aldi on Thursday and picking up one of these bad boys:
    W41_PD_Thursday_UL21_c0e8b9c1b8.jpg

    There's a blow up couch too!


  • Posts: 0 Cash Spicy Banana


    Greyian wrote: »
    You also pay it off over a much longer time.

    If you take out a mortgage of €200,000 over 30 years at 4%, that's a monthly repayment of €954.83.

    If you take out a mortgage of €210,000 (so €10,000 for furniture) over 30 years at 4%, that's a monthly repayment of €1,002.57.

    That's a difference of €47.74 per month, which comes to €17,186.40 over the course of the 30 years.

    So you're paying more than €7,000 extra, because of impatience. Before the Celtic Tiger, it wasn't unusual to move into a house with minimal furniture and then pick stuff up over the months and years after moving in.

    Well I am talking about essentials, cooker, fridge, dishwasher, furniture for living room and sitting room, tvs for the living and sitting rooms, bed for main bedroom, kitchen table etc.

    I look on it more like Im spending 200k to build the house, no way Im not spending the extra 10k to move into a house with a lot more comfort rather than building a lovely house and having nothing in it.


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  • Registered Users Posts: 562 ✭✭✭Flatzie_poo


    tvs for the living and sitting rooms

    What an age we live in where multiple TVs are essentials!


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